The Hang Seng Index surged 327 points, or 1.3%, to close at 24,825 on Friday (July 18th), reversing two days of declines as all sectors rallied. The index hit a four-month high and rose 2.8% for the week, marking its second consecutive weekly gain.
Strong momentum in mainland Chinese stocks boosted sentiment after Beijing pledged to curb massive price gouging by Chinese companies. Hong Kong's tech index jumped 1.7%, boosted by optimism after Nvidia said it would increase the supply of H20 chips that meet Chinese standards and introduce more advanced chips to the market. Solid gains also occurred in the consumer and financial sectors, as US President Trump softened his stance on China, fueling hopes of a trade deal ahead of the August 12th deadline.
However, caution prevailed ahead of the People's Bank of China's decision on the July LPR next week after it hit a record low in June. Upcoming Hong Kong inflation data will also be in focus next week. Companies that recorded significant increases included Smoore (5.0%), Hansoh Pharma (3.6%), Nongfu Spring (3.5%), and Kuaishou Tech (2.1%). (alg)
Source: Trading Economics
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